Fighting economic crime in the financial services sector
The financial services industry continues to be the fraudsters’ target of choice with 45% of financial services organisations suffering frauds in the last 12 months. While traditional types of economic crime remain prevalent, cybercrime has become the second most common fraud reported in this sector.
In this report we analyse the current fraud landscape and focus on the increased regulatory interest in fighting economic crime. We also look at how Financial Services organisations are responding to the growing pressures of having robust preventative and detective controls in place. With the ever increasing reliance on new technologies for the delivery of banking and other financial services, we turn the spotlight to the cyber security risks that are threatening the sector.
Fighting economic crime in the financial services sector
David Newton, Andrew Clark and William Beer discuss the impact on financial services organisations
Key statistics:
- 45% of Financial Services organisations have suffered frauds in the last 12 months.
- There has been a 50% increase in frauds committed by senior management in financial services organisations in the last 2 years.
- Cybercrime is the 2nd most commonly reported type of economic crime in financial services organisations.
- 1 in 5 Financial Services organisations failed to carry out a fraud risk assessment in the last 12 months.
- Almost a third of staff in financial services organisations did not have any cyber security training in the last 12 months.
